LORDSTOWN, Ohio - Foxconn announced Monday it will sell its Lordstown manufacturing facility to an existing business partner but will continue to occupy and operate the plant, a move that comes on the heels of intense local speculation about the facility's future.

A statement from the global electronics manufacturer, with operations in six U.S. states, did not include an announcement of vehicle manufacturing at the facility any time soon. The company stated that its broad footprint enables it to "rapidly ramp up automotive production to meet customer demand when required."

The details of the move have still not been completely announced, but a tech analyst 21 News this will likely position Lordstown at the forefront of AI technology not just in Ohio, but around the country.

"The demand for AI is insatiable, right? So what we are seeing here is Foxconn wants to become a major player in the AI server data center market." Neil Shah Industry Analyst & Consultant for Counterpoint Research. 

While Foxconn's statement did not name the business partner, Reuters is reporting that the plant was sold for $88 million. That's $10 million more than Foxconn paid General Motors for the plant.

According to regulatory filings, Crescent Dune LLC purchased the facility. At this point very little is known about Crescent Dune LLC, but its work is expected to take up every square foot inside the plant and increase the job market. 

"We think that they're going to reuse the entire 6.2 million square feet, and so that's transformational for this community." Guy Coviello, CEO Youngstown-Warren Regional Chamber.    

The full transaction amount for all assets, including the plant, as well as the equipment and machinery on behalf of Foxconn EV Asset Management LLC and Foxconn EV System LLC, totals $375 million.

Recent rumors of a major announcement from Foxconn had been circulating, with sources telling 21 News that a "big" partnership was in the works that would bring a new product and "lots and lots of jobs" to the facility.

The speculation was further fueled last week by a separate announcement of a partnership between Foxconn and TECO Electric & Machinery, a company involved in electric vehicles and AI infrastructure.

The sale, according to a statement from parent company Hon Hai Technologies, is intended to provide "greater flexibility and operational efficiency" as Foxconn repositions the site for future growth.

The company, which purchased the former General Motors plant in 2022, said in the statement that it plans to reinvest the proceeds from the sale back into its U.S. operations.

Foxconn stated it will not be leaving Lordstown and will continue to be involved in the manufacturing of products for customers at the site. The company anticipates expanding its business segments in the area to meet evolving market demands.

Foxconn noted the company's U.S. presence covers four primary product segments: cloud and networking, smart consumer electronics, computing, components, and others. The company highlighted significant growth in its cloud and networking business.

Foxconn said it expects to share more details about its U.S. strategy in the coming months.